Hunting wild animals is allowed.
The way to do this is to say "Bismillah, Allahu Akbar" on the arrow or bullet that you are to fire to the animal you want to hunt. When it is down, and you reach it, and it is still alive, you can say Allahu Akbar again and slaughter it like you would a tamed or bound animal.
Even hunting through hunting dogs is allowed. They have to be trained not to bite into or kill the animal they catch, and you slaughter it in the normal way when you reach it.
This is what I recall about the ruling on hunting.
And Allah knows best.